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"New credit card restrictions take effect" - 8/22/2010 12:28:33 PM

Vendaval

Posts: 10297
Joined: 1/15/2005
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Reform that is long over-due -

New credit card restrictions take effect

By the CNN Wire StaffAugust 22, 2010: 12:29 PM E

"By the CNN Wire Staff -- New rules designed to protect credit card users from "unreasonable late payment and other penalty fees" come into force Sunday as a result of the Wall Street reform bill.

The rules block credit card companies from charging more than $25 for late payments except in extreme circumstances, prevent them from charging customers for not using their cards, and requires them to reconsider rate increases imposed since January 1, 2009, according to the Federal Reserve, which approved the regulations."

http://money.cnn.com/2010/08/22/pf/credit_card_rules/index.htm?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+rss/money_topstories+(Top+Stories)

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